Championship Auto Racing Teams is a case study in the perils
of a sports company going public. Everything seemed rosy in 1998 when the company
reaped around $75 million from its IPO and became one of the first leagues ever
to go public.

Since then, the reporting requirements for public companies have forced CART
to air its dirty laundry.

And whereas before the IPO, CART answered to its race team ownership, shareholders
now include some heavy Wall Street hitters. In April 1999, about a year after the
IPO, insiders like league executives and race teams owned 32.4 percent of the company.
In April this year, that figure stood at 20.6 percent, a 36 percent drop.

Now the rumor mill is swirling with talk that CART may try to go private again.

CEO: Joseph Heitzler*

2000 salary:

$42,308

2000
bonus:

$100,000

2000
other compensation:

0

Options:

200,000

Shares
owned:

0

1999
salary**:

$550,000

1999
bonus:

$200,000

1999
other compensation:

$9,236

Options:

0

*
Heitzler began on Dec. 4, taking over for Bobby Rahal, who
was CEO from June and November. In that time, Rahal was
paid $166,154, with 50,000 options
** Compensation for 1999 CEO Andrew Craig. Craig received
$600,000 in 2000.

Price as of June 11: $14.72

52-week price range: $14.31 to $28.25

IPO date: March 10, 1998

IPO price: $19

IPO performance: Down 23%

Underwriters: Jefferies & Co., A.G. Edwards & Sons
Inc.

Shares outstanding: 15,765,467

Inside ownership: 3,115,100 shares; 166,200 vested options*
(20.6%)

No. of employees: 83 full-time and about 203 race officials.

* Vested options were stock options that could have been exercised as of June
5.

Board of directors:

• Joseph
Heitzler — Named chairman of the board on June 5. (Owns no
shares, 200,000 options)